Hong Kong media maverick Ricky Wong quits free-to-air TV dream and exits sector
Tycoon says he has waited eight years for licence grant from government, as company HKTV announces HK$204.9 million in losses
Media tycoon Ricky Wong Wai-kay has quit his troubled quest to secure a free-to-air television licence for the ill-fated Hong Kong Television and vowed never to return to the broadcasting business.
His remarks came on Tuesday as the publicly listed HKTV announced its annual results for 2017, revealing a staggering net loss of HK$204.9 million (US$26.1 million). The share price of HKTV had plunged by 14 per cent to HK$3.16 when markets closed on Tuesday.
Explaining the reason to end his lifelong free-to-air TV dream, Wong, who chairs HKTV, said the wait had simply been too long.
Hong Kong media mogul Ricky Wong may give up on free-to-air TV dream
“The answer is as simple as ‘we’ve been waiting for eight years,’” he said.
According to the outspoken businessman, the company, formerly named City Telecom, was “invited” by government officials in 2009 to apply for the licence.
The rejection of HKTV’s application sparked public outcry that year, with many questioning whether the decision was politically driven. More than 300 staff members were also laid off in the same year.
